Dubai in Land of OPEC Gives Blessing to Going Green: Arab Credit - Bloomberg

Dubai in Land of OPEC Gives Blessing to Going Green: Arab Credit - Bloomberg:



"Dubai, better known for palm-shaped islands and the world’s tallest skyscraper than energy conservation, is on a mission to cut power and water use as the rising costs of fuel and desalination threaten future growth.



The utility leading the campaign for conservation is the one benefiting the most from soaring demand. Dubai Electricity & Water Authority, whose bonds have outperformed Persian Gulf companies on the strength of rising demand, created a unit to advise customers on ways to reduce consumption while the government may start a fund to help energy saving, Chief Executive Officer Saeed Mohammed Al Tayer said in an interview.



Dubai, part of the United Arab Emirates, the fifth-biggest member of OPEC, is targeting greater fuel efficiency because it relies on imported natural gas paid for at market prices to run power and water-purification plants. Concerned that its fuel bill will surge as energy consumption rises, the sheikhdom plans to cut projected power and water use 30 percent by 2030."



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